We are grateful to the editor and three anonymous referees for very helpful comments and suggestions. We also thank Fabio Canova, Benedict Clements, Carlo Cottarelli, Harris Dellas, Jordi Gali, Robert Gillingham, Nobu Kiyotaki, Aart Kraay, Gordon Menzies, Makoto Nakagawa, Rolando Ossowski, Evi Pappa, Antonio Spilimbergo, Kiichi Tokuoka and Kenneth West for useful comments and discussions on an earlier draft. We are also grateful for the many useful comments received during presentation of this article at the annual meeting of the American Economic Association, the Australian Conference of Quantitative Macroeconomics, the annual meeting of the Australian Econometric Society, the Midwest Macro Meeting and the Money, Macro and Finance Conference, as well as comments received during seminar presentations at the IMF Fiscal Affairs Department, the CREI Macro Workshop, the World Bank Growth and Macro Research Seminar, Australian National University, Curtin University, Deakin University, Monash University, National University of Singapore, University of Western Australia, University of Melbourne and Queensland University of Technology. We thank Maria Delgado Coelho and Keiko Takahashi for assistance with compiling the data. We also thank Toshitaka Sekine and Daisuke Ishikawa for sharing their data on bank lending and non-performing loans. The views in this article are those of the author(s) alone and do not necessarily represent those of the IMF or IMF policy.
Local Government Spending Multipliers and Financial Distress: Evidence from Japanese Prefectures
Article first published online: 20 DEC 2013
© 2013 Royal Economic Society
The Economic Journal
Volume 124, Issue 581, pages 1279–1316, December 2014
How to Cite
Brückner, M. and Tuladhar, A. (2014), Local Government Spending Multipliers and Financial Distress: Evidence from Japanese Prefectures. The Economic Journal, 124: 1279–1316. doi: 10.1111/ecoj.12076
- Issue published online: 9 DEC 2014
- Article first published online: 20 DEC 2013
- Accepted manuscript online: 8 AUG 2013 07:35AM EST
- Manuscript Accepted: 30 JUN 2013
- Manuscript Received: 13 JUL 2012
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